Vendor Management 101: Centralizing All Vendor Information in ServiceNow

ServiceNow Vendor Management Workspace (VMW) centralizes vendor information, eliminating silos and improving collaboration. Key capabilities include storing vendor information, mapping vendors to service offerings, centralizing contracts and stakeholders, and measuring vendor performance through service commitments and vendor assessments. VMW expands to other areas of the platform, including third-party risk management and vendor onboarding, providing a comprehensive solution for vendor management.

SaaS (Software as a Service) spending is projected to grow by 17.9% to a total of $197 billion in 2023, representing a significant portion of enterprise IT budgets [1]. This growth underscores the increasing reliance on SaaS applications, which are now integral to business operations. To manage this growing ecosystem effectively, companies are turning to SaaS management platforms.

Why Do Companies Need SaaS Management Platforms?

SaaS management platforms provide centralized control and visibility over an organization's SaaS ecosystem. These platforms enable businesses to manage and optimize their investments, streamline workflows, and ensure compliance. With the rapid adoption of SaaS applications, robust management platforms are essential to drive efficiency and control expenses [1].

Key Features of SaaS Management Platforms

1. SaaS Discovery and Inventory: SaaS management tools simplify the process of finding the ideal software solution by providing an intuitive interface. For instance, Spendflo enables businesses to catalog and analyze their SaaS applications, gaining a comprehensive overview of their software ecosystem [1].

2. Usage Analytics and Optimization: These platforms analyze SaaS usage patterns and provide insights to identify unused licenses and recommend cost-saving measures. Spendflo's powerful analytics engine goes a step further by providing detailed usage analytics and actionable recommendations, enabling businesses to achieve significant cost optimization and drive up to 30% savings on their SaaS expenses [1].

3. Cost Tracking and Allocation: SaaS management platforms track and allocate costs associated with different SaaS tools, enabling businesses to monitor and control their spending. Their robust cost tracking and allocation capabilities provide real-time visibility into SaaS costs, empowering organizations to achieve cost transparency [1].

4. Contract and License Management: Businesses can manage SaaS contracts and licenses via SaaS management platforms, ensuring compliance with terms and avoiding unnecessary penalties or overages. Spendflo offers a consolidated contract administration solution that streamlines contract management processes such as renewals and cancellations [1].

5. Security and Compliance Management: SaaS management tools offer security controls, data privacy features, and compliance monitoring to protect sensitive information and meet regulatory requirements. It also safeguards data integrity and ensures adherence to industry standards and regulations [1].

6. Integration with Other Systems: SaaS management platforms seamlessly integrate with other systems, such as identity and access management tools, to streamline user provisioning and enhance security measures. Businesses can use them with their existing IT infrastructure, simplifying user management and improving the overall security posture [1].

7. Automated Workflows: Spendflo streamlines the software approval process with its efficient workflow system to authorize SaaS tool purchases. Onboarding and offboarding employees are automated by SaaS management platforms, thus reducing manual effort and minimizing the risk of errors. Avoid last-minute negotiations with timely renewal reminders. Businesses can design and customize approval workflows and define roles and grant access based on organizational needs [1].

Top SaaS Management Platforms

1. Spendflo: Spendflo is an intuitive SaaS management platform designed to help companies efficiently identify, optimize, and secure their SaaS tools, resulting in significant cost savings of up to 30%. The platform simplifies request submission, contract renewal, and vendor communication, providing complete visibility into tools, contracts, and security documents [1].

2. Vendr: Vendr helps enterprises effectively manage subscription services, cut costs, automate processes, and streamline vendor administration. By analyzing their current or past year's SaaS purchases, Vendr provides insights on potential cost savings. Companies simply provide details such as supplier names, annual amounts, and renewal dates [1].

3. Torii: Torii provides insights into application usage, integrates with popular tools like Salesforce and Slack, and automates tasks. Users can monitor usage, costs, and identify optimization opportunities. Through automation, Torii streamlines processes such as onboarding, offboarding, and contract renewals [1].

4. Zluri: Zluri offers enterprise IT professionals a single console to efficiently manage, discover, ensure compliance, and optimize their SaaS solutions. Users gain a holistic view of their SaaS environment, allowing them to identify redundant applications, effectively manage licenses, and automate the onboarding and offboarding processes [1].

5. Cledara: Cledara simplifies SaaS management by providing a single platform for purchasing, administration, and cancellations. With the integration of virtual cards API, Cledara streamlines the onboarding process, eliminating the need for manual reviews. The platform efficiently issues virtual credit cards, enabling the creation of a primary card for the entire business and sub-cards for individual SaaS subscriptions [1].

Conclusion

The adoption of SaaS management platforms is set to grow significantly, driven by the increasing reliance on SaaS applications and the need for effective management. These platforms provide a range of features that help businesses optimize their SaaS investments, streamline workflows, and ensure compliance. As SaaS spending continues to rise, the use of SaaS management platforms will become even more critical for organizations looking to maximize their IT investments and control costs.

References

[1] https://www.spendflo.com/blog/best-saas-management-platforms